The economic effects of financial development

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Chapter 3 in Financialisation, 2023, pp 51-71 from Edward Elgar Publishing

Abstract: This chapter is devoted to an examination of the effect of financial development on economic growth, financial stability, poverty and income distribution (hence inequality). If financial development has any effect on these indicators, then there must be some sort of a channel or channels whereby the effect is transmitted from financial development to the economy. These channels can be identified by examining the functions of finance or the services rendered by the financial sector to the rest of the economy. This is why the starting point is to identify and evaluate the functions of finance. Notwithstanding the critical role played by finance in the economy, the functions of finance are typically exaggerated in the mainstream literature and the popular media.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (5)

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